New Delhi, July 27 (IANS) More than 4 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2026-27 so far, the Income Tax Department said on Monday.In a post on X, the department said over 4 crore ITRs have already been filed and advised eligible taxpayers to avoid the last-minute rush by filing their Income Tax Return (ITR)-1 and ITR-2 at the earliest.The latest milestone comes less than a week after the department had announced that ITR filings had crossed the 3 crore m…
Latest CBDT News & Updates
New Delhi, July 26 (IANS) The Central Board of Direct Taxes (CBDT) has issued a detailed guidance note for Indian crypto platforms and foreign exchanges operating in the country to explain in a simple manner the issues related to reporting taxes and transactions under the provisions of the Income Tax Rules, 2026. The guidance note reiterates that the primary compliance burden falls on Reporting Crypto-Asset Service Providers (RCASPs), not directly on individual investors. It further explains rep…
New Delhi, July 25 (IANS) The Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal has highlighted progress in faster return processing, grievance redressal and litigation reduction.At the 167th anniversary of Income Tax Day celebrations here, Agrawal recalled the priorities set out by Union Finance Minister Nirmala Sitharaman during the previous Income Tax Day celebrations and the expectations articulated at the ‘PRARAMBH programme’ earlier this year, and outlined the Department’s pro…
New Delhi, July 16 (IANS) In a significant step towards enhancing taxpayer services and promoting voluntary tax compliance, the Central Board of Direct Taxes (CBDT) has enabled display of information relating to foreign assets and income, received under the Automatic Exchange of Information (AEOI) framework, in the Annual Information Statement (AIS) of eligible taxpayers on the Income Tax e-Filing portal. This taxpayer-centric initiative has been undertaken to facilitate, and not to investigate,…
New Delhi, July 16 (IANS) The Central Board of Direct Taxes (CBDT) has increased the Cost Inflation Index (CII) for the financial year 2026-27 by 2.3 per cent to 384 from the corresponding figure of 376 in the previous financial year.The CBDT notification was issued on July 15, 2026, and will apply from April 1, 2026, onwards for tax calculations.The Cost Inflation Index, or CII, provides for adjusting the purchase price of assets for inflation when calculating long-term capital gains tax after …
New Delhi, July 14 (IANS) Former Chief Election Commissioner (CEC) S.Y. Quraishi has said that curbing the influence of money power in elections was one of his biggest priorities after taking charge of the Election Commission of India (ECI) in 2010. Recalling his tenure, he said the Commission identified 40 different methods through which money was allegedly used to influence voters and seized crores of rupees, which later increased to hundreds of crores, during its crackdown on electoral malpra…
New Delhi, July 14 (IANS) The government has extended the tenure of Statistics and Programme Implementation Secretary Saurabh Garg by another year and the term of the Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal by six months and promoted two IPS officers as Joint Directors in the CBI in a string of decisions covering various posts at the Centre.Garg, a 1991-batch Indian Administrative Service (retired) officer of the Odisha cadre, will continue to serve on a contract basis till Ju…
New Delhi, July 11 (IANS) More than 1.7 crore income tax returns (ITRs) have been filed so far for the assessment year (AY) 2026-27, the Income Tax Department said on Saturday.”Over 1.7 crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27,” the department said in a post on X.According to the department, more than 10 lakh returns were filed on Friday alone.Moreover, the Income Tax Department has urged eligible taxpayers who are yet to file their returns to compl…
New Delhi, June 19 (IANS) The Supreme Court on Friday agreed to examine a public interest litigation (PIL) seeking a court-monitored investigation by the Enforcement Directorate (ED), the Serious Fraud Investigation Office (SFIO) and the Reserve Bank of India (RBI) into an alleged banking fraud involving over Rs 1,500 crore of public sector bank funds and the role of asset reconstruction companies (ARCs) in facilitating debt settlements at a fraction of the outstanding dues. A Bench of Chief Jus…
New Delhi, May 15 (IANS) The Income Tax Department on Friday said that it enabled the filing of Income Tax Returns (ITRs) for the financial year 2025-26 (assessment year 2026-27) with the release of Excel utilities for ITR-1 and ITR-4 forms on e-filing portal.Announcing the update on social media platform X, the department said taxpayers can now access both the Excel utility and online filing options for the two forms.With the announcement of the offline utilities, the ITR filing process for AY …